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0001491487-14-000011.txt : 20140520 0001491487-14-000011.hdr.sgml : 20140520 20140520135217 ACCESSION NUMBER: 0001491487-14-000011 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20140331 FILED AS OF DATE: 20140520 DATE AS OF CHANGE: 20140520 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Cardigant Medical Inc. CENTRAL INDEX KEY: 0001491487 STANDARD INDUSTRIAL CLASSIFICATION: BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836] IRS NUMBER: 264731758 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-176329 FILM NUMBER: 14857328 BUSINESS ADDRESS: STREET 1: 1500 ROSECRANS AVENUE, SUITE 500 CITY: MANHATTAN BEACH STATE: CA ZIP: 90266 BUSINESS PHONE: 310-421-8654 MAIL ADDRESS: STREET 1: 1500 ROSECRANS AVENUE, SUITE 500 CITY: MANHATTAN BEACH STATE: CA ZIP: 90266 10-Q 1 cmi033114q.htm Converted by EDGARwiz

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


X	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2014


	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 333-176329

CARDIGANT MEDICAL, INC.

(Exact name of Registrant as Specified in Its Charter)


DELAWARE		26-4731758
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

1500 ROSECRANS AVENUE, ST 500, MANHATTAN BEACH, CALIFORNIA		90266
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (310) 421-8654

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes X No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes X No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act (Check one).


Large Accelerated Filer	Accelerated Filer	Non-Accelerated Filer	Smaller reporting company X
		(Do not check if a smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes o No X

As of May 1, 2014, there were 23,260,662 shares of the registrant’s common stock outstanding.

CARDIGANT MEDICAL, INC.

INDEX


PART I	FINANCIAL INFORMATION			Page

	Item 1.	Financial Statements

		Condensed Balance Sheets as of March 31, 2014 (unaudited) and December 31, 2013	3

		Unaudited Condensed Statements of Operations for the three months ended March 31, 2014 and 2013	4

		Unaudited Condensed Statements of Cash Flows for the three months ended March 31, 2014 and 2013	5

		Notes to Unaudited Condensed Financial Statements	7

	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	10

	Item 3.	N/A

	Item 4.	Controls and Procedures	13

PART II	OTHER INFORMATION

	Item 1.	Legal Proceedings	14

	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	14
	Item 3.	Defaults Upon Senior Securities	14
	Item 4.	Reserved	14
	Item 5.	Other Information	14
	Item 6.	Exhibits	14

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements


CARDIGANT MEDICAL INC. (A DEVELOPMENT STAGE COMPANY) CONDENSED BALANCE SHEETS
		March 31, 2014 Unaudited			December 31, 2013

ASSETS
CURRENT ASSETS
Cash & Equivalents		$ 13,984			$ 3,124
Prepaid expenses		2,982			17,378
Deposits		1,195			1,195
Total current assets		18,161			21,697

PROPERTY AND EQUIPMENT, net		4,348			4,903
INTANGIBLES, net		5,980			2,363
TOTAL ASSETS		$ 28,489			$ 28,963


LIABILITIES AND STOCKHOLDERS' (DEFICIT)
CURRENT LIABILITIES
Accounts payable		$ 24,999			$ 6,519
Accrued expenses		68,755			66,185
Accrued officer compensation		589,000			559,000
Due to stockholder		2,127			14,938
Total current liabilities		684,881			646,642
TOTAL LIABILITIES		684,881			646,642
STOCKHOLDERS' (DEFICIT)
Common stock, 50,000,000 shares authorized; $0.001 par value; 23,260,662 shares issued and outstanding at March 31, 2014; 23,138,310 shares issued and outstanding at December 31, 2013		23,261			23,138
Additional paid-in capital		532,384			464,205
Deficit accumulated during the development stage		(1,212,037)			(1,105,022)
Total stockholders' (deficit)		(656,392)			(617,679)
TOTAL LIABILITIES AND STOCKHOLDERS' (DEFICIT)		$ 28,489			$ 28,963

The accompanying notes are an integral part of these unaudited financial statements.
CARDIGANT MEDICAL INC. (A DEVELOPMENT STAGE COMPANY) CONDENSED STATEMENTS OF OPERATIONS – Unaudited
	For the Three Months Ended March 31,			From Date of Inception (April 17, 2009) to March 31, 2014
	2014		2013
REVENUE	$ -		$ -	$ -
OPERATING EXPENSES
Research and development	50,452		51,273	845,890
Selling, general, and administrative	56,317		41,236	505,374
Total operating expenses	106,769		92,509	1,351,264
LOSS FROM OPERATIONS	(106,769)		(92,509)	(1,351,264)
OTHER INCOME (EXPENSES)
Grant from National Institute of Health	-		-	151,247
Interest income	-		-	381
Interest expense	(246)		(366)	(9,201)
Total other income (expenses)	(246)		(366)	142,427
NET LOSS BEFORE INCOME TAXES	(107,015)		(92,875)	(1,208,837)
PROVISION FOR INCOME TAXES	-		(800)	(3,200)
NET LOSS	$(107,015)		$ (93,675)	$(1,212,037)
LOSS PER COMMON SHARE - BASIC AND DILUTED	$ (0.00)		$ (0.00)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING	23,194,928		23,040,769

The accompanying notes are an integral part of these unaudited financial statements.


CARDIGANT MEDICAL INC. (A DEVELOPMENT STAGE COMPANY) CONDENSED STATEMENTS OF CASH FLOWS – Unaudited
	For the Three Months Ended March 31,		From Date of Inception (April 17, 2009) to March 31,
CASH FLOWS FROM OPERATING ACTIVITIES	2014	2013	2014
Net loss	$ (107,015)	$ (93,675)	$ (1,212,037)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Stock-based compensation	16,786	15,230	138,888
Depreciation expense	555	404	3,747
Net changes in operating assets and liabilities:
(Increase) in prepaid expenses	14,396	(27)	(3,731
(Increase) in deposits	-	-	(1,195)
Increase (decrease) in accounts payable	18,533	11,414	33,949
Increase (Decrease) in accrued expenses	2,570	(23)	68,755
Increase in accrued officer compensation	30,000	27,000	589,000
Net cash provided by (used in) operating activities	(24,175)	(39,677)	(382,624)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase and reinvestments in certificate of deposit	-	-	(100,381)
Redemption of certificate of deposit			100,381
Investment in intellectual property	(3,617)		(5,980)
Purchase of equipment and computer software		(3,600	(8,095)
Net cash provided by (used in) investing activities	(3,617)	(3,600)	(14,075)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of common stock	51,516	85,700	367,508
Advances from related party	10,436	15,157	219,919
Repayments on related-party advances	(23,300)	(13,700)	(176,744)
Net cash provided by (used in) financing activities	38,652	87,157	410,683
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	10,860	43,880	13,984
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD	3,124	54,194	-
CASH AND CASH EQUIVALENTS - END OF PERIOD	$ 13,984	$ 98,074	$ 13,984
SUPPLEMENTAL DISCLOSURES OF CASH FLOW ACTIVITY
Cash paid during the year for income taxes	$ -	$ 800	$ 2,410
Cash paid during the year for interest expense	$ 54	$ -	$ 5,039

The accompanying notes are an integral part of these unaudited financial statements.

CARDIGANT MEDICAL INC.

(A DEVELOPMENT STAGE COMPANY)

CONDENSED STATEMENTS OF CASH FLOWS - Unaudited (Continued)

Non-cash investing and financing activities:

During the three months ended March 31, 2014, the Company issued 25,152 shares for services rendered in connection with the preparation of our annual report. The services were valued at $0.53 per share.

During the three months ended March 31, 2013, the Company issued 2,856 shares of its common stock for services provided by its Chief Scientific Officer valued at $1,500 and charged to expense.

The accompanying notes are an integral part of these unaudited financial statements.

CARDIGANT MEDICAL, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

MARCH 31, 2014

(UNAUDITED)

(1) Nature and Continuance of Operations

Description of the Business

Cardigant Medical Inc. ("Cardigant" or "Company") is a development stage biotechnology company focused on the development of novel biologic and peptide based compounds and enhanced methods for local delivery for the treatment of vascular disease including peripheral artery disease and ischemic stroke. Cardigant was founded on April 17, 2009 and is incorporated within the state of Delaware. The Company is engaged in research and development in multiple locations but maintains its corporate office in greater Los Angeles.

The Company is in the development stage, as defined in Accounting Standards Codification ("ASC") Topic 915-10. From its inception (April 17, 2009) through March 31, 2014, the Company has not had any revenue from its principal planned operations. The Company will continue to report as a development stage company until significant revenues are produced.

On March 4, 2013, the Company filed an amendment to its articles of incorporation changing its authorized common stock to 50,000,000. Also on March 4, 2013, the Company authorized a 2:1 forward stock split. The accompanying financial statements have been restated to reflect the change in capital and stock split as if they occurred at the Company’s inception.

Going Concern

The Company's financial statements are prepared using the accrual method of accounting in accordance with accounting principles generally accepted in the United States of America and have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities in the normal course of business.

The Company has generated losses from operations to date, does not expect to generate operating revenue for several years, and its viability is dependent upon its ability to obtain financing and the success of its future operations. These financial statements do not include any adjustments relating to the recoverability and classification of recorded assets or liabilities that might be necessary should the Company be unable to continue as a going concern.

Basis of Presentation

The accompanying unaudited financial statements contain all adjustments (consisting only of normal recurring adjustments) which, in the opinion of management, are necessary to present fairly the financial position of the Company as of March 31, 2014, and the results of its operations for the three months ended March 31, 2014 and 2013, and cash flows for the three months ended March 31, 2014 and 2013. Certain information and footnote disclosures normally included in financial statements have been condensed or omitted pursuant to rules and regulations of the U.S. Securities and Exchange Commission (“the Commission”). The Company believes that the disclosures in the unaudited financial statements are adequate to ensure the information presented is not misleading. However, the unaudited financial statements included herein should be read in conjunction with the financial statements and notes thereto included in the Company’s Amended Annual Report on Form 10-K for the year ended December 31, 2013, filed with the Commission on April 8, 2014.

The accompanying financial statements are prepared using the accrual method of accounting in accordance with accounting principles generally accepted in the United States of America.

(2) Summary of Significant Accounting Policies

Use of Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Cash and Cash Equivalents

The Company considers all highly liquid debt instruments and other short-term investments with maturities of three months or less, when purchased, to be cash equivalents. The Company maintains cash balances at one financial institution that is insured by the Federal Deposit Insurance Corporation ("FDIC") up to $250,000. As of March 31, 2014, the Company's cash balances did not exceed the FDIC limits.

Research and Development

The Company accounts for research and development costs in accordance with ASC Topic 730-10 "Research and Development." Under ASC Topic 730-10, all research and development costs must be charged to expenses as incurred. Third-party research and development costs are expensed when the contracted work has been performed or as milestone results have been achieved. Company sponsored research and development costs related to both present and future products are expensed in the period incurred. For the three months ended March 31, 2014 and 2013, the Company incurred research and development expenses of $50,452 and $51,273, respectively.

Stock-Based Compensation

The Company accounts for its stock-based compensation under ASC Topic 505-50. This standard defines a fair value-based method of accounting for stock-based compensation. In accordance with ASC Topic 505-50, the cost of stock-based compensation is measured at the grant date based on the value of the award and is recognized over the period in which the Company expects to receive the benefit, which is generally the vesting period.

See Note (6) Stockholder’s Equity (Deficit) for detail stock-based compensation activity.

Per Share Amounts

The Company reports earnings (loss) per share in accordance with ASC Topic 260-10 "Earnings per Share." Basic earnings (loss) per share is computed by dividing income (loss) available to common shareholders by the weighted average number of common shares available.

Recent Accounting Pronouncements

The Company continually assesses any new accounting pronouncements to determine their applicability to the Company. Where it is determined that a new accounting pronouncement affects the Company’s financial reporting, the Company undertakes a study to determine the consequence of the change to its financial statements and assures that there are proper controls in place to ascertain that the Company’s financials properly reflect the change.

(3) Fair Value Measurements

The Company’s financial instruments for 2014 and 2013 consist of accounts payables, accrued expenses and a short term loan payable. The Company considers the carrying value of such amounts in the financial statements to approximate their fair value due to their respective short maturity dates.

(4) Related Party Transactions

The Company has received some of its working capital from its founder, Jerett A. Creed. Mr. Creed has also paid Company expenses with personal funds. These costs have been carried as a shareholder loan accruing interest at the rate of 5% per annum with a balance of $2,127, and $31,309 as of March 31, 2014, and 2013, respectively. Accrued interest charged to operations for the quarter ended March 31, 2014 and 2013 was $246 and $366, respectively.

(5) Accrued Officer's Compensation

The Company has been accruing a salary in the amount of $120,000 per annum for its founder Jerett A. Creed since January 3, 2010. The balances accrued, net of any salary payments, at March 31, 2014 and 2013 were $589,000 and $475,000, respectively. Salary is allocated between research and development and general and administrative based upon time spent.

(6) Stockholders’ Equity (Deficit)

There is no public market for the Company's common shares. Since its inception, the Company has negotiated the value of its common stock in arm's length transactions with unrelated parties.

During the three months ended March 31, 2014, the Company issued 122,352 unregistered shares of its common stock. The issuance included 97,200 units issued for cash proceeds of $51,516 and 25,152 shares issued for services valued at $0.53 per share. The 97,200 units issued consisted of one common share and one common stock warrant. The warrants have an exercise price of $0.65 per share and expire in January 2018.

During 2012, in connection with a director’s agreement, the Company granted a new member of the Board of Directors options to purchase 48,000 shares of the Company common stock at $0.525 per share. The options vest over a two year period and were valued at $10,150 using the Black-Sholes Option Model; the option valuation factors included a term of 10 years, volatility of approximately 28%, a U.S Treasury interest rate of 1.83%, a dividend rate of 0.0% with an exercise price of $0.525, and a stock price of $0.525. A total of $1,269 was charged to operations for both the three months ended March 31, 2014 and 2013. The fair value of the unvested options at March 31, 2014 amounted to $1,269.

In April 2012, the Company granted its new Chairman options to purchase 80,000 shares of the Company common stock at $0.525 per share. The options vested over a two year period and were valued at $17,492 using the Black-Sholes Option Model; the option valuation factors included a term of 10 years, volatility of approximately 28%, a U.S Treasury interest rate of 2.23%, a dividend rate of 0.0% with an exercise price of $0.525, and a stock price of $0.525. A total of $2,187 was charged to operations for both the three months ended March 31, 2014 and 2013. These options are fully vested as of March 31, 2014.

During the three months ended March 31, 2013, the Company issued 163,238 shares of its common stock and received $85,700 through the January 19, 2012 S-1 offering.

During the three months ended March 31, 2013, the Company issued 2,856 shares of its common stock for services provided by its Chief Scientific Officer valued at $1,500 and charged to expense

(7) Income Taxes

The Company's policy regarding income tax interest and penalties is to expense those items as general and administrative expense and to identify them for tax purposes. The Company files income tax returns in the U.S. federal jurisdiction and the state of California. The Company is subject to income tax examination by tax authorities for 2011, 2012 and 2013 for its Federal tax returns and 2010, 2011, 2012, and 2013 for its state tax returns.

(8) Commitments and Contingencies

Rental Agreement

On May 3, 2011 the Company entered into a rental agreement for laboratory space at a bioscience collective in Pasadena, California. The rental agreement calls for a security deposit of $1,100 and monthly rent payments of $1,200. The lease is month to month and can be terminated by either party with thirty days' notice.

Rent expense for the three months ended March 31, 2014 and 2013 totaled $3,885 and $3,885, respectively.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis should be read in conjunction with our financial statements and related notes thereto.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This report contains certain statements that may be deemed “forward-looking statements” within the meaning of United States of America securities laws. All statements, other than statements of historical fact, that address activities, events or developments that we intend, expect, project, believe or anticipate and similar expressions or future conditional verbs such as will, should, would, could or may occur in the future are forward-looking statements. Such statements are based upon certain assumptions and assessments made by our management in light of their experience and their perception of historical trends, current conditions, expected future developments and other factors they believe to be appropriate.

These statements include, without limitation, statements about our anticipated expenditures, including those related to clinical research studies and general and administrative expenses; the potential size of the market for our potential products, future development and/or expansion of our potential products and therapies in our markets, our ability to generate product revenues, our ability to obtain regulatory clearance and expectations as to our future financial performance. Our actual results will likely differ, perhaps materially, from those anticipated in these forward-looking statements as a result of various factors, including: our need and ability to raise additional cash, the costs of conducting research in the life sciences field and risks associated with the regulatory requirements applicable to us. The forward-looking statements included in this report are subject to a number of additional material risks and uncertainties, including but not limited to the risks described in our filings with the Securities and Exchange Commission.

The following discussion and analysis of our financial condition and results of operations should be read together with our financial statements and the related notes to those statements included in this filing. In addition to historical financial information, this discussion may contain forward-looking statements reflecting our current plans, estimates, beliefs and expectations that involve risks and uncertainties. As a result of many important factors, particularly those set forth under "Special Note Regarding Forward-Looking Statements", our actual results and the timing of events may differ materially from those anticipated in these forward-looking statements.

Overview

We are a development stage biotechnology company focused on systemic and local drug delivery for the treatment of vascular disease. Cardigant was founded to capitalize on the belief that local drug delivery to the vasculature holds the potential to improve outcomes and treat previously untreated disease segments most notably vulnerable atherosclerotic plaque lesions of the coronary, peripheral, and neuro vasculatures. Our primary focus is on treating atherosclerosis and acute plaque stabilization using systemic and targeted delivery of large molecule and peptide based therapeutics based on the structure and function of high density lipoprotein (“HDL”) targets. Circulating plasma levels of HDL have been shown to be inversely correlated with coronary artery disease. Towards this goal, we are evaluating drug formulations based on the Apolipoprotein A-I (“ApoA-1”) protein and peptide mimetics that are delivered both systemically via intravenous infusion and locally to one or more lesions. The ApoA-1 protein's primary function is the promotion of reverse cholesterol transport (“RCT”) from the arterial wall to the

liver for catabolism and excretion. ApoA-1 is a protein that in humans is encoded by the ApoA-1 gene. It has a specific role in the metabolism of lipids. Naturally occurring ApoA-1 is the major protein component of HDL also known as the good cholesterol. ApoA-1 protein constitutes roughly 70% of the HDL composition. There are both naturally occurring and synthetically modified mutations of the AApoA-1 protein. Some of these mutations can have positive effects on cholesterol mobilization. We are currently evaluating various ApoA-1 based protein sequences and mimetic peptides to determine the optimal drug candidate based on efficacy, minimum royalty costs and available production methods among other factors. We have also been evaluating the local delivery of our product for specifically reducing the plaque content and burden within one or more adjacent sites.

As we are a development stage company, we have incurred losses since our inception in April of 2009. As we continue to raise funds and further our development program, we expect to incur even greater expenses and losses. We have no revenues and do not expect to incur any revenue for several years until such time as one of our therapeutic compounds may, if at all, be approved by a regulatory body for sale in a region of the world covered by that regulatory body.

Research and Development Expenses ("R&D")

Our research and development expenses primarily consist of personnel-related costs, technical consulting fees, and contract research fees. As our senior management are largely involved with overseeing our current development programs, we currently allocate 80% of Mr. Creed's salary (accrued or otherwise) and 100% of Dr. Sinibaldi, Dr. Perin, Dr. Rodriguez, and Dr. Merz to R&D expense. We expect to hire additional technical personnel, engage in additional pre-clinical studies and incur additional patent fees. As such we expect our R&D spending to increase in the coming periods.

Our lead program is focused on optimizing our ApoA-1 peptide compound for delivery in the treatment of symptomatic carotid plaque lesions for the treatment of ischemic stroke. Assuming we are able to raise sufficient funds, we expect to incur an additional $1.3 million over the next 12 months in execution of our pre-clinical and clinical development programs. We believe this will take us through the required approval to begin a Phase I trial.

Selling, General and Administrative Expenses ("SG&A")

Our selling, general and administrative expenses consist primarily of non allocated salaries including benefits. As we expect to hire additional personnel, we expect this amount to increase to approximately $400,000 over the next 12-18 months. Additionally we expect to move into a new office space which will add an additional $22,000 annual expense. In addition to hiring accounting personnel for public company reporting requirements, we also expect to incur an additional $70,000 per year of investor relations expenses for disseminating company information, news releases and public filings.

Results of Operations for the three months ended March 31, 2014 as compared to the three months ended March 31, 2013

Research and Development Expenses

Research and development expenses for the three months ended March 31, 2014 were $50,452 versus $51,273 for the three months ended March 31, 2013. This represents a 2% decrease from the prior year period. These expenses consisted mainly of allocated salary for our CEO, expense for our CSO and other consultants and laboratory supplies. We expect our R&D expenses to ramp up to approximately $1,000,000 over the next 18 months with most of the expenses back ended.

Selling, General and Administrative Expenses

Selling, general and administrative expenses for the three months ended March 31, 2014 were $56,317 versus $41,236 for the three months ended March 31, 2013. This represents a 36.6% increase from the prior period. The

increased amount is due primarily to the increased cost associated with the preparation of our annual report and XBRL reporting.

Net Income (Loss)

We had a net loss for the three months ended March 31, 2014 of $107,015 versus a net loss of $93,675 for the three months ended March 31, 2013. This change is due to primarily to the increased cost of our SEC reporting

Liquidity and Capital Resources

Sources of Liquidity

During the three months ended March 31, 2014, net cash used by operating activities totaled $24,175. Net cash used by investing activities totaled $3,617. Net cash provided by financing activities during the period was $38,652 of which included proceeds of $51,516 received from the sale of 97,200 shares of our common stock through a Reg D offering plus net repayments of $12,864 we paid to our Chief Executive Officer. The resulting change in cash for the period was an increase of 10,860. The cash balance at the beginning of the period was $3,124. The cash balances at March 31, 2014 and 2013 were $13,984 and $98,074, respectively.

As of March 31, 2014, the Company had $684,881 in total current liabilities, which was represented by $24,999 in accounts payable, $68,755 in accrued expenses, $589,000 in accrued officer’s compensation and $2,127 due to the Company’s CEO, a stockholder.

The Company had no long-term liabilities at March 31, 2014; therefore the Company’s total liabilities at March 31, 2014 amounted to $684,881.

During the three months ended March 31, 2013, net cash used by operating activities totaled $39,677. Net cash used by investing activities totaled $3,600. Net cash provided by financing activities during the period was $87,157 of which included proceeds of $85,700 received from the sale of 163,238 shares of our common stock through our public offering plus net advances of $1,457 we received from our chief executive officer. The resulting change in cash for the period was an increase of $43,880. The cash balance at the beginning of the period was $54,194.

As of March 31, 2013, the Company had $584,155 in total current liabilities, which was represented by $20,249 in accounts payable, $57,597 in accrued expenses, $475,000 in accrued officer’s compensation and $31,309 due to the Company’s CEO, a stockholder.

The Company had no long-term liabilities at March 31, 2013; therefore the Company’s total liabilities at March 31, 2013 amounted to $584,155.

The Company is not aware of any known trends, events or uncertainties which may affect its future liquidity. We are development stage and do not have a product commercially available for sale. We do not expect to realize any revenue for several years. As such it is imperative that the reader recognize that our primary source of working capital will generally come from equity sales, or the issuance of debt. We do, however, occasionally apply for non-taxable grant funding to support our research and development efforts. We currently do not have grant applications outstanding, and we can make no guarantees that any grant money will be awarded from any future applications. Our business is subject to risks inherent in the establishment of a new business enterprise, including limited capital resources and possible cost overruns.

Off-Balance Sheet Arrangements

We have no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to stockholders.

Future Financings

We will continue to rely on equity sales of our common shares in order to continue to fund our business operations. Issuances of additional shares will result in dilution to existing stockholders. There is no assurance that we will achieve any additional sales of the equity securities or arrange for debt or other financing to fund our operations and other activities or if we are able, there is no guarantee that existing shareholders will not be substantially diluted.

Critical Accounting Policies

We regularly evaluate the accounting policies and estimates that we use to make budgetary and financial statement assumptions. A complete summary of these policies is included in the notes to our financial statements. In general, management's estimates are based on historical experience, on information from third party professionals, and on various other assumptions that are believed to be reasonable under the facts and circumstances. Actual results could differ from those estimates made by management.

Use of Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Research and development

The Company accounts for research and development costs in accordance with the ASC 730-10, “Research and Development.” Under ASC 730-10, all research and development costs must be charged to expense as incurred. Accordingly, internal research and development costs are expensed as incurred. Third-party research and development costs are expensed when the contracted work has been performed or as milestone results have been achieved. Company-sponsored research and development costs related to both present and future products are expensed in the period incurred.

Fair Value of Financial Instruments

Loss Per Share of Common Stock

Stock-Based Compensation

The Company accounts for stock-based compensation under ASC Topic 505-50. This standard defines a fair value-based method of accounting for stock-based compensation. The cost of stock-based compensation is measured at the grant date based on the value of the award and is recognized over the period in which the Company expects to receive the benefit, which is generally the vesting period.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

N/A

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

In connection with our compliance with securities laws and rules, our Chief Financial Officer has evaluated our disclosure controls and procedures on March 31, 2014. As of October 2013, our Chief Executive Officer is also serving in the capacity of Chief Financial Officer, Chief Accounting Officer and company director. Because of these multiple roles, it is impossible to fully segregate duties. As such in his capacity, he has concluded that our disclosure controls and procedures are ineffective. There have been no significant changes in our internal controls or in other factors that could significantly affect these controls subsequent to the date of their evaluation including any corrective actions with regard to significant deficiencies and material weaknesses. In making this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission in the Internal Control-Integrated Framework. Inherent in a development stage entity is the problem of segregation of duties. Given that the Company has a limited accounting department, segregation of duties cannot be completely accomplished at this stage in the business lifecycle.

Based on its assessment, management has concluded that the Company's disclosure controls and procedures and internal control over financial reporting are not effective based on those criteria.

Changes in Internal Control over Financial Reporting

There has been no change in our internal control over financial reporting during the quarter ended March 31, 2014 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

We are not currently a party to or engaged in any material legal proceedings. However, we may be subject to various claims and legal actions arising in the ordinary course of business from time to time.

Item 1A. Risk Factors

N/A

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

During the three months ended March 31, 2014, the Company issued 122,352 shares of its common stock. The issuance included 97,200 shares issued for cash proceeds of $51,516 and 25,152 shares issued for services valued at $0.53 per share.

Item 3. Defaults Upon Senior Securities

None

Item 4. (Reserved)

Item 5. Other Information

Current report form 8-K filed on May 01, 2014 is incorporated by reference.

Item 6. Exhibits


Exhibit No.		Description
31.1		Certification of Principal Executive Officer Pursuant to Securities Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith).

31.2		Certification of Principal Financial Officer Pursuant to Securities Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith).

101.INS		XBRL Instance Document

101.SCH		XBRL Schema Document

101.CAL		XBRL Calculation Linkbase Document

101.LAB		XBRL Label Linkbase Document

101.PRE		XBRL Presentation Linkbase Document

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


	CARDIGANT MEDICAL, INC.

		By: /s/ Jerett A Creed
Dated: May 20, 2014		Jerett A. Creed
		Chief Executive Officer

		By: /s/ Jerett A. Creed
Dated: May 20, 2014		Jerett A. Creed
		Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer)

EX-31 2 exhibit31.htm Converted by EDGARwiz

EXHIBIT 31.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER PURSUANT TO

SECURITIES EXCHANGE ACT RULES 13a-14(a) AND 15d-14(a)

AS ADOPTED PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Jerett A. Creed, certify that:

I have reviewed this report on Form 10-Q of Cardigant Medical Inc.;

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 20, 2014

/s/ Jerett A. Creed

Jerett A. Creed,

Chief Executive Officer

(Principal Executive Officer)

EX-32 3 exhibit32.htm Converted by EDGARwiz

EXHIBIT 31.2

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER PURSUANT TO

SECURITIES EXCHANGE ACT RULES 13a-14(a) AND 15d-14(a)

AS ADOPTED PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Jerett A. Creed, certify that:

I have reviewed this report on Form 10-Q of Cardigant Medical Inc.;

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 20, 2014

/s/ Jerett A. Creed

Jerett A. Creed,

Chief Financial Officer

(Principal Financial Officer, Principal Accounting Officer)

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(1) Nature and Continuance of Operations Description of the Business Cardigant Medical Inc. ("Cardigant" or "Company") is a development stage biotechnology company focused on the development of novel biologic and peptide based compounds and enhanced methods for local delivery for the treatment of vascular disease including peripheral artery disease and ischemic stroke. Cardigant was founded on April 17, 2009 and is incorporated within the state of Delaware.  The Company is engaged in research and development in multiple locations but maintains its corporate office in greater Los Angeles. The Company is in the development stage, as defined in Accounting Standards Codification ("ASC") Topic 915-10. From its inception (April 17, 2009) through March 31, 2014, the Company has not had any revenue from its principal planned operations. The Company will continue to report as a development stage company until significant revenues are produced. On March 4, 2013, the Company filed an amendment to its articles of incorporation changing its authorized common stock to 50,000,000. Also on March 4, 2013, the Company authorized a 2:1 forward stock split. The accompanying financial statements have been restated to reflect the change in capital and stock split as if they occurred at the Companys inception.  Going Concern The Company's financial statements are prepared using the accrual method of accounting in accordance with accounting principles generally accepted in the United States of America and have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities in the normal course of business.   The Company has generated losses from operations to date, does not expect to generate operating revenue for several years, and its viability is dependent upon its ability to obtain financing and the success of its future operations. These financial statements do not include any adjustments relating to the recoverability and classification of recorded assets or liabilities that might be necessary should the Company be unable to continue as a going concern. Basis of Presentation The accompanying unaudited financial statements contain all adjustments (consisting only of normal recurring adjustments) which, in the opinion of management, are necessary to present fairly the financial position of the Company as of March 31, 2014, and the results of its operations for the three months ended March 31, 2014 and 2013, and cash flows for the three months ended March 31, 2014 and 2013. Certain information and footnote disclosures normally included in financial statements have been condensed or omitted pursuant to rules and regulations of the U.S. Securities and Exchange Commission (the Commission). The Company believes that the disclosures in the unaudited financial statements are adequate to ensure the information presented is not misleading. However, the unaudited financial statements included herein should be read in conjunction with the financial statements and notes thereto included in the Companys Amended Annual Report on Form 10-K for the year ended December 31, 2013, filed with the Commission on April 8, 2014. The accompanying financial statements are prepared using the accrual method of accounting in accordance with accounting principles generally accepted in the United States of America.

(2) Summary of Significant Accounting Policies Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents The Company considers all highly liquid debt instruments and other short-term investments with maturities of three months or less, when purchased, to be cash equivalents. The Company maintains cash balances at one financial institution that is insured by the Federal Deposit Insurance Corporation ("FDIC") up to $250,000. As of March 31, 2014, the Company's cash balances did not exceed the FDIC limits. Research and Development The Company accounts for research and development costs in accordance with ASC Topic 730-10 "Research and Development." Under ASC Topic 730-10, all research and development costs must be charged to expenses as incurred. Third-party research and development costs are expensed when the contracted work has been performed or as milestone results have been achieved. Company sponsored research and development costs related to both present and future products are expensed in the period incurred. For the three months ended March 31, 2014 and 2013, the Company incurred research and development expenses of $50,452 and $51,273, respectively. Stock-Based Compensation The Company accounts for its stock-based compensation under ASC Topic 505-50. This standard defines a fair value-based method of accounting for stock-based compensation. In accordance with ASC Topic 505-50, the cost of stock-based compensation is measured at the grant date based on the value of the award and is recognized over the period in which the Company expects to receive the benefit, which is generally the vesting period. See Note (6) Stockholders Equity (Deficit) for detail stock-based compensation activity. Per Share Amounts The Company reports earnings (loss) per share in accordance with ASC Topic 260-10 "Earnings per Share." Basic earnings (loss) per share is computed by dividing income (loss) available to common shareholders by the weighted average number of common shares available. Recent Accounting Pronouncements The Company continually assesses any new accounting pronouncements to determine their applicability to the Company. Where it is determined that a new accounting pronouncement affects the Companys financial reporting, the Company undertakes a study to determine the consequence of the change to its financial statements and assures that there are proper controls in place to ascertain that the Companys financials properly reflect the change.

(3) Fair Value Measurements The Companys financial instruments for 2014 and 2013 consist of accounts payables, accrued expenses and a short term loan payable. The Company considers the carrying value of such amounts in the financial statements to approximate their fair value due to their respective short maturity dates.

(4) Related Party Transactions The Company has received some of its working capital from its founder, Jerett A. Creed. Mr. Creed has also paid Company expenses with personal funds.  These costs have been carried as a shareholder loan accruing interest at the rate of 5% per annum with a balance of $2,127, and $31,309 as of March 31, 2014, and 2013, respectively. Accrued interest charged to operations for the quarter ended March 31, 2014 and 2013 was $246 and $366, respectively.

(5) Accrued Officer's Compensation The Company has been accruing a salary in the amount of $120,000 per annum for its founder Jerett A. Creed since January 3, 2010. The balances accrued, net of any salary payments, at March 31, 2014 and 2013 were $589,000 and $475,000, respectively. Salary is allocated between research and development and general and administrative based upon time spent.

(6) Stockholders Equity (Deficit) There is no public market for the Company's common shares. Since its inception, the Company has negotiated the value of its common stock in arm's length transactions with unrelated parties.  During the three months ended March 31, 2014, the Company issued 122,352 unregistered shares of its common stock. The issuance included 97,200 units issued for cash proceeds of $51,516 and 25,152 shares issued for services valued at $0.53 per share.  The 97,200 units issued consisted of one common share and one common stock warrant.  The warrants have an exercise price of $0.65 per share and expire in January 2018.        During 2012, in connection with a directors agreement, the Company granted a new member of the Board of Directors options to purchase 48,000 shares of the Company common stock at $0.525 per share. The options vest over a two year period and were valued at $10,150 using the Black-Sholes Option Model; the option valuation factors included a term of 10 years, volatility of approximately 28%, a U.S Treasury interest rate of 1.83%, a dividend rate of 0.0% with an exercise price of $0.525, and a stock price of $0.525.  A total of $1,269 was charged to operations for both the three months ended March 31, 2014 and 2013.  The fair value of the unvested options at March 31, 2014 amounted to $1,269.   In April 2012, the Company granted its new Chairman options to purchase 80,000 shares of the Company common stock at $0.525 per share. The options vested over a two year period and were valued at $17,492 using the Black-Sholes Option Model; the option valuation factors included a term of 10 years, volatility of approximately 28%, a U.S Treasury interest rate of 2.23%, a dividend rate of 0.0% with an exercise price of $0.525, and a stock price of $0.525.  A total of $2,187 was charged to operations for both the three months ended March 31, 2014 and 2013.  These options are fully vested as of March 31, 2014.   During the three months ended March 31, 2013, the Company issued 163,238 shares of its common stock and received $85,700 through the January 19, 2012 S-1 offering.   During the three months ended March 31, 2013, the Company issued 2,856 shares of its common stock for services provided by its Chief Scientific Officer valued at $1,500 and charged to expense

(7) Income TaxesThe Company's policy regarding income tax interest and penalties is to expense those items as general and administrative expense and to identify them for tax purposes.  The Company files income tax returns in the U.S. federal jurisdiction and the state of California. The Company is subject to income tax examination by tax authorities for 2011, 2012 and 2013 for its Federal tax returns and 2010, 2011, 2012, and 2013 for its state tax returns.

(8) Commitments and Contingencies Rental Agreement On May 3, 2011 the Company entered into a rental agreement for laboratory space at a bioscience collective in Pasadena, California. The rental agreement calls for a security deposit of $1,100 and monthly rent payments of $1,200. The lease is month to month and can be terminated by either party with thirty days' notice.  Rent expense for the three months ended March 31, 2014 and 2013 totaled $3,885 and $3,885, respectively.

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Compensation Related Costs, General	3 Months Ended
Mar. 31, 2014
Compensation Related Costs, General:
Compensation Related Costs, General	(5) Accrued Officer's Compensation The Company has been accruing a salary in the amount of $120,000 per annum for its founder Jerett A. Creed since January 3, 2010. The balances accrued, net of any salary payments, at March 31, 2014 and 2013 were $589,000 and $475,000, respectively. Salary is allocated between research and development and general and administrative based upon time spent.

Compensation Related Costs, General

3 Months Ended

Mar. 31, 2014

Compensation Related Costs, General

(5) Accrued Officer's Compensation

- Definition

The entire disclosure for compensation costs, including compensated absences accruals, compensated absences liability, deferred compensation arrangements and income statement compensation items. Deferred compensation arrangements may include a description of an arrangement with an individual employee, which is generally an employment contract between the entity and a selected officer or key employee containing a promise by the employer to pay certain amounts at designated future dates, usually including a period after retirement, upon compliance with stipulated requirements. This type of arrangement is distinguished from broader based employee benefit plans as it is usually tailored to the employee. Disclosure also typically includes the amount of related compensation expense recognized during the reporting period, the number of shares (units) issued during the period under such arrangements, and the carrying amount as of the balance sheet date of the related liability.

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Equity	3 Months Ended
Mar. 31, 2014
Equity:
Stockholders' Equity Note Disclosure	(6) Stockholders’ Equity (Deficit) There is no public market for the Company's common shares. Since its inception, the Company has negotiated the value of its common stock in arm's length transactions with unrelated parties. During the three months ended March 31, 2014, the Company issued 122,352 unregistered shares of its common stock. The issuance included 97,200 units issued for cash proceeds of $51,516 and 25,152 shares issued for services valued at $0.53 per share. The 97,200 units issued consisted of one common share and one common stock warrant. The warrants have an exercise price of $0.65 per share and expire in January 2018. During 2012, in connection with a director’s agreement, the Company granted a new member of the Board of Directors options to purchase 48,000 shares of the Company common stock at $0.525 per share. The options vest over a two year period and were valued at $10,150 using the Black-Sholes Option Model; the option valuation factors included a term of 10 years, volatility of approximately 28%, a U.S Treasury interest rate of 1.83%, a dividend rate of 0.0% with an exercise price of $0.525, and a stock price of $0.525. A total of $1,269 was charged to operations for both the three months ended March 31, 2014 and 2013. The fair value of the unvested options at March 31, 2014 amounted to $1,269. In April 2012, the Company granted its new Chairman options to purchase 80,000 shares of the Company common stock at $0.525 per share. The options vested over a two year period and were valued at $17,492 using the Black-Sholes Option Model; the option valuation factors included a term of 10 years, volatility of approximately 28%, a U.S Treasury interest rate of 2.23%, a dividend rate of 0.0% with an exercise price of $0.525, and a stock price of $0.525. A total of $2,187 was charged to operations for both the three months ended March 31, 2014 and 2013. These options are fully vested as of March 31, 2014. During the three months ended March 31, 2013, the Company issued 163,238 shares of its common stock and received $85,700 through the January 19, 2012 S-1 offering. During the three months ended March 31, 2013, the Company issued 2,856 shares of its common stock for services provided by its Chief Scientific Officer valued at $1,500 and charged to expense

Equity

3 Months Ended

Mar. 31, 2014

Equity:

Stockholders' Equity Note Disclosure

(6) Stockholders’ Equity (Deficit)

There is no public market for the Company's common shares. Since its inception, the Company has negotiated the value of its common stock in arm's length transactions with unrelated parties.

During the three months ended March 31, 2013, the Company issued 163,238 shares of its common stock and received $85,700 through the January 19, 2012 S-1 offering.

During the three months ended March 31, 2013, the Company issued 2,856 shares of its common stock for services provided by its Chief Scientific Officer valued at $1,500 and charged to expense

- Definition

The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Staff Accounting Bulletin (SAB)

-Number Topic 4

-Section E

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 5

-Paragraph 15

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 08

-Article 4

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 6

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(d),(e))

-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Staff Accounting Bulletin (SAB)

-Number Topic 4

-Section C

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

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Organization, Consolidation and Presentation of Financial Statements
3 Months Ended

Mar. 31, 2014

Organization, Consolidation and Presentation of Financial Statements:

Collaborative Arrangement Disclosure
(1) Nature and Continuance of Operations

Description of the Business

Cardigant Medical Inc. ("Cardigant" or "Company") is a development stage biotechnology company focused on the development of novel biologic and peptide based compounds and enhanced methods for local delivery for the treatment of vascular disease including peripheral artery disease and ischemic stroke. Cardigant was founded on April 17, 2009 and is incorporated within the state of Delaware. The Company is engaged in research and development in multiple locations but maintains its corporate office in greater Los Angeles.

The Company is in the development stage, as defined in Accounting Standards Codification ("ASC") Topic 915-10. From its inception (April 17, 2009) through March 31, 2014, the Company has not had any revenue from its principal planned operations. The Company will continue to report as a development stage company until significant revenues are produced.

On March 4, 2013, the Company filed an amendment to its articles of incorporation changing its authorized common stock to 50,000,000. Also on March 4, 2013, the Company authorized a 2:1 forward stock split. The accompanying financial statements have been restated to reflect the change in capital and stock split as if they occurred at the Company’s inception.

Going Concern

The Company's financial statements are prepared using the accrual method of accounting in accordance with accounting principles generally accepted in the United States of America and have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities in the normal course of business.

The Company has generated losses from operations to date, does not expect to generate operating revenue for several years, and its viability is dependent upon its ability to obtain financing and the success of its future operations. These financial statements do not include any adjustments relating to the recoverability and classification of recorded assets or liabilities that might be necessary should the Company be unable to continue as a going concern.

Basis of Presentation

The accompanying unaudited financial statements contain all adjustments (consisting only of normal recurring adjustments) which, in the opinion of management, are necessary to present fairly the financial position of the Company as of March 31, 2014, and the results of its operations for the three months ended March 31, 2014 and 2013, and cash flows for the three months ended March 31, 2014 and 2013. Certain information and footnote disclosures normally included in financial statements have been condensed or omitted pursuant to rules and regulations of the U.S. Securities and Exchange Commission (“the Commission”). The Company believes that the disclosures in the unaudited financial statements are adequate to ensure the information presented is not misleading. However, the unaudited financial statements included herein should be read in conjunction with the financial statements and notes thereto included in the Company’s Amended Annual Report on Form 10-K for the year ended December 31, 2013, filed with the Commission on April 8, 2014.

The accompanying financial statements are prepared using the accrual method of accounting in accordance with accounting principles generally accepted in the United States of America.

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Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2014
Income Taxes:
Income Tax Disclosure	(7) Income Taxes The Company's policy regarding income tax interest and penalties is to expense those items as general and administrative expense and to identify them for tax purposes. The Company files income tax returns in the U.S. federal jurisdiction and the state of California. The Company is subject to income tax examination by tax authorities for 2011, 2012 and 2013 for its Federal tax returns and 2010, 2011, 2012, and 2013 for its state tax returns.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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